Results 1 to 5 of 5

Math Help - Estate distribution resolution

  1. #1
    Newbie Klaatu's Avatar
    Joined
    Jan 2013
    From
    WI
    Posts
    2

    Estate distribution resolution

    Hi. First time poster. Nice to be here.

    I was the personal representative for my father's estate and had to divide the final proceeds of the bank account equally, four ways. The estate is now closed but one of the beneficiaries just alerted me that they didn't receive a $6000 cash distribution a few years ago that all of the other three received. Do each of the other three bene's who received the $6000 previously now owe the fourth bene who didn't receive the $6000, two thousand dollars or just fifteen hundred dollars?

    Granted, this is simple math but also rather confusing given the situation. The three bene's have decided it's morally correct to pay but aren't sure of the amount.

    I think the fourth bene is due $2000 from each of the other three bene's because the $6000 should not have been included in the final distribution (it should have already been paid); the fourth should not owe herself $1500. However, another of the three bene's thinks only $1500 is owed (from each of the other three) since the fourth bene already received $1500 in the final distribution.

    Thanks.
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Senior Member vincisonfire's Avatar
    Joined
    Oct 2008
    From
    Sainte-Flavie
    Posts
    469
    Thanks
    2
    Awards
    1

    Re: Estate distribution resolution

    As I understand it, there is $18 000 to split between 4 people. So each should get $4500. This is achieved if the three bene gives $1500 to the fourth one.
    Follow Math Help Forum on Facebook and Google+

  3. #3
    MHF Contributor ebaines's Avatar
    Joined
    Jun 2008
    From
    Illinois
    Posts
    1,019
    Thanks
    278

    Re: Estate distribution resolution

    Klaatu:

    First the math: if $6K was distributed to each of 3 beneficiaries then that's a total of $18000. That $1800 can be split 4 ways if each person nets $18000/4 = $4500. Three have already eceived $6K, so they should each send $1500 to the 4th. That way each persion ends up with $4500. Note that if the three sent $2k each then they would end up with only $6K-$2 = $4K, whereas the 4th would end up with 3 x $2K = $6K, which isn't equitable.

    Now as for how this happened - if this is a simple math error from several years ago that as personal representative you missed - OK. But if the problem is that $6K went missing you really need to investigate what happened. As the personal representative you have a responsibility to ensure that the estate's assets are protected and distributed in accordance with the decedant's wishes.
    Follow Math Help Forum on Facebook and Google+

  4. #4
    Newbie Klaatu's Avatar
    Joined
    Jan 2013
    From
    WI
    Posts
    2

    Re: Estate distribution resolution

    Never occurred to me to simply split what was received rather than what was supposed to have been received:
    3
    6,000
    --------------------------
    18,000 =

    4
    --------------------------
    4,500 =

    3
    --------------------------
    1,500 =

    Thank you both.

    Quote Originally Posted by ebaines View Post
    Klaatu:
    But if the problem is that $6K went missing you really need to investigate what happened.
    What really happened is that the fourth bene received the $6000 when all of the others did but returned it shortly thereafter for personal reasons. Now that the dust in her life has settled, she wants it back.
    Follow Math Help Forum on Facebook and Google+

  5. #5
    Newbie
    Joined
    Jan 2013
    From
    guangzhou
    Posts
    7

    Re: Estate distribution resolution

    I was the personal representative
    for my father's estate and had to divide the final proceeds of the bank account equally
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Estate Division Help...
    Posted in the Discrete Math Forum
    Replies: 0
    Last Post: September 14th 2009, 07:04 PM
  2. Share the Estate
    Posted in the Algebra Forum
    Replies: 2
    Last Post: April 1st 2007, 04:40 AM
  3. real estate purchased
    Posted in the Algebra Forum
    Replies: 1
    Last Post: February 1st 2007, 08:58 AM
  4. Millionaire's Estate
    Posted in the Math Topics Forum
    Replies: 1
    Last Post: January 4th 2007, 01:57 AM

Search Tags


/mathhelpforum @mathhelpforum